Ras Al-Khaimah – The new chapter

Homeowners in Ras Al Khaimah have reported the value of their properties has doubled in recent years, in part due to a rise in new residents as well as the announcement of the UAE’s first casino.

Wynn Al Marjan Island, a multibillion-dollar mega resort in Ras Al Khaimah planned by the Las Vegas hotel operator Wynn, in intended to be a magnet for “ultra-high-net-worth” customers and to attract tourists from around the world. Its gaming licence has been secured from the UAE authorities.

Experts in the area say a number of factors are at play alongside the Wynn resort, including less congestion and better cost of living.

[ Price Rise ]
Residents in the surrounding areas said they are feeling the effects of so much potential business and tourism coming to the area.

Wynn has said construction on the $3.8 billion five-star facility – scheduled to open in 2027 – is advancing rapidly, and that it is expected the resort will deliver “meaningful long-term economic benefits to Ras Al Khaimah”. It was first announced that Rak would open a multibillion-dollar resort on Marjan Island with the hotel operator, featuring a “gaming area”, in early 2022.

“The announcement of the Wynn resort and casino has undoubtedly significantly impacted the real estate market,” said Sherry Dang Briet from real estate agency Coldwell Banker, adding that this is particularly evident around Al Hamra Village area.